Great Panther Silver Ltd. is a primary silver mining and exploration company. The company's current activities are focused on the mining of precious metals from its two wholly owned operating mines in Mexico: the Guanajuato mine complex, which includes the San Ignacio satellite mine, and the Topia mine in Durango. The company also has two exploration projects in Mexico, El Horcon and Santa Rosa, and is pursuing additional mining opportunities in the Americas.

Great Panther Silver Ltd. is a primary silver mining and exploration company. The company's current activities are focused on the mining of precious metals from its two wholly owned operating mines in Mexico: the Guanajuato mine complex, which includes the San Ignacio satellite mine, and the Topia mine in Durango. The company also has two exploration projects in Mexico, El Horcon and Santa Rosa, and is pursuing additional mining opportunities in the Americas.

Expert Comments:

Ash Guglani, Salman Partners
(2/24/15)

"Great Panther Silver Ltd. incorporated the results from the recent drilling program and released the new mineral resource estimate at the San Ignacio mine. . .the recent drilling results not only increased the mineral resources but also discovered the merging of the Intermediate and Melladito veins at the south of the previous resource block."

Heiko Ihle, H.C. Wainwright & Co.
(2/24/15)

We are reiterating our Buy rating and $1.10 per share price
target on Great Panther Silver Ltd.. . .we continue to believe San Ignacio represents a significant portion of future production growth at the Guanajuato mine complex and expect overall grades to increase while cash costs lower as the mine becomes a larger part of Great Panther's production profile."

"Great Panther Silver Ltd. is a good silver producer with growth. Its recent discoveries at San Ignacio are amazing, including 5 g/t gold and 194 g/t silver over 13.8m announced Jan. 27. It's no wonder Great Panther is looking to acquire other projects or companies. Should it do so, we have no doubt that it would succeed with them. Great Panther is producing silver at about $16–17/oz. That's sharp, but it will come down, especially as it ramps up San Ignacio. This is a company that finds solutions to its problems."
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Charlotte McLeod, Resource Investing News(2/23/15)

"Great Panther Silver Ltd. kicked off the week with a bang by releasing an updated mineral resource estimate for its Mexico-based San Ignacio mine located at the company's Guanajuato Mine Complex. San Ignacio's indicated mineral resources are now pegged at 180,300 tonnes grading 159 g/t silver and 3.49 g/t gold and containing 2,351,000 oz silver equivalent. That’s an increase of 31% from the July 2014 resource estimate."

Heiko Ihle, H.C. Wainwright & Co.
(2/2/15)

"Great Panther Silver announced an updated resource estimate for its 100%-owned Guanajuato mine complex. . .Measured and Indicated resources increased to 349,700t grading an average of 260 g/t silver and 3.32 g/t gold for a total of 5.5 Moz Ag eq. . .Inferred resources increased to 451,900t grading an average of 147 g/t silver and 3.34 g/t gold for an additional 5.5 Moz Ag eq. . .results (not included in the updated resource estimate) from its 2014 drill program at San Ignacio. . .showed merging. . .creating a single, thicker high-grade vein). . .we expect the updated report in Q1/15 to outline not only a larger resource base but higher grades as well."

More Comments

"Great Panther Silver Ltd. has two main assets in Mexico: Guanajuato and Topia, which I went to see late in 2014. Guanajuato is producing silver at decent cash costs. Topia is slightly more challenging. It's fairly far from civilization, but in a higher silver price environment it should become an attractive asset. . .I believe the company can make money at current prices. And given its strong net cash position, I don't really see the company raising a serious amount of money unless it decides to make an acquisition—and I'm in favor of Great Panther making a meaningful acquisition. That would help the company diversify. . .as of Sept. 30, 2014, Great Panther had $20.4M cash. That is a decent net cash position and it could issue more shares. It could likely make a $30M acquisition if the target was right. My price target on Great Panther is currently $1.10 per share."
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Heiko Ihle, H.C. Wainwright & Co.
(1/16/15)

"For 2014, Great Panther Silver Ltd. increased production to 1.9 Moz silver and 16,461 oz gold compared with 2013 production of 1.7 Moz silver and 15,714 oz gold. . .we expect the company to continue its focus on increasing production in 2015. . .we are reiterating our Buy rating."

"Great Panther Silver Ltd. is on top of the list of producers that are well positioned to take advantage of an uptick in gold and silver prices."
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Tickerscores(1/5/15)

"Great Panther Silver Ltd. greatly reduced its production costs in Q3/14 and has achieved a 20% higher grade than its 2013 average."

Jay Taylor, Gold, Energy & Tech Stocks(11/21/14)

"Great Panther Silver Ltd. is one of the few stocks on my list that has actually registered a gain for the year. . .congratulations to Bob Archer, who has done a stellar job, not only in turning Great Panther into an established producer, but in putting the company on a growth path that should result in strong earnings growth once this bear market in precious metals is over."

H.C. Wainwright & Co.
(11/20/14)

"We are maintaining our Buy recommendation on Great Panther Silver Ltd. . .we believe exploration growth at both Guanajuato and Topia
could provide organic growth for the firm, while management continues to maintain an opportunistic approach with respect to potential future acquisitions."

David Kratochvil, Euro Pacific Canada
(11/12/14)

"Great Panther Silver Ltd. achieved record metal production of 890,641 oz Ag eq, a 13% increase, including 103,897 oz Ag eq from San Ignacio. . .cash cost for Q3/14 showed a substantial decrease from H1/14 and was primarily the result of grade improvement at Guanajuato, which is expected to be maintained in Q4/14. . .we are maintaining our Buy rating."

Ash Guglani, Salman Partners
(10/31/14)

"Yesterday, Great Panther Silver Ltd. reported positive drilling results from the first six holes at its San Ignacio mine. . .the drill results now have extended the mineralization for 130m further south. With the known 4,000m strike extension, there is expansion opportunity beyond this drilling program."

Heiko Ihle, H.C. Wainwright & Co.
(10/22/14)

"We are initiating coverage on Great Panther Silver Ltd. with a Buy recommendation. . .we currently expect 2014 production at Guanajuato to reach 2.4 Moz Ag eq at an average cash cost of $11/oz. . .we believe exploration growth at both Guanajuato and Topia could provide future organic growth for the firm, while management maintains a fairly opportunistic approach with respect to possible future acquisitions."

Heiko Ihle, H.C. Wainwright & Co.
(10/22/14)

"We are initiating coverage on Great Panther Silver Ltd. with a Buy recommendation. . .we believe exploration growth at both Guanajuato and Topia could provide future organic growth for the firm, while management maintains a fairly opportunistic approach with respect to possible future acquisitions."

Ash Guglani, Salman Partners
(10/17/14)

"Great Panther Silver Ltd. reported its Q3/14 production results of its two wholly-owned Mexican silver mining operations. . .total production for the quarter was 566 Koz Ag which was a QOQ increase of 35%. . . ore processed at the Guanajuato mine complex reached 72.05 Kt, representing a 13% QOQ increase, and the average silver grade improved 34% to 186 g/t. At Guanajuato, positive underground exploration drilling results at the Santa Margarita vein supported the development plan of a new ramp to access new production zones in the Veta Madre and Santa Margarita vein systems."

Brien Lundin, Gold Newsletter (Jefferson Financial)
(10/9/14)

"Great Panther Silver Ltd. is a staple of Gold Newsletter's primary silver plays. . .as a primary silver producer, it offers
investors a leveraged way to take advantage of spikes in silver prices. The gold and base metal production helps to keep cash costs reasonable on a Ag eq basis."

"In this cycle the best performers have not been the companies that made good discoveries but rather companies that have properly managed their resources and finances. Those companies have done well. Great Panther Silver Ltd. is on the list of companies that have done well. . .Great Panther is one in the group that hasn't accomplished a major push to get to the next level in terms of scale (not for lack of trying) and needs to do so. The company had its share of challenges at both operating mines and was able to overcome them."
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Brien Lundin, Gold Newsletter (Jefferson Financial)
(7/11/14)

"At Topia, Great Panther Silver Ltd. reported an updated resource estimate that included 8.19 Moz Ag eq Measured and Indicated and 8.56 Moz Ag eq Inferred. At San Ignacio, the April, 2014 estimate included 1.25 Moz Ag eq Indicated and 5.65 Moz Ag eq Inferred. These estimates are a reminder that Great Panther still has a large inventory of silver and gold available to mine in the years ahead."

Ash Guglani, Salman Partners
(7/10/14)

"Great Panther Silver Ltd. reported its Q2/14 production results at its two Mexican silver mining operations, Guanajuato and Topia. Silver production for the quarter was ~420 Koz. . .the figure represents a QOQ increase as a result of increased mill throughput at both mines."

Ash Guglani, Salman Partners
(7/3/14)

"Great Panther Silver Ltd. released an updated NI 43-101 mineral resource estimate for its wholly owned San Ignacio silver-gold mine. . .the updated resource includes an initial ~1.25 Moz silver equivalent in the Indicated category and 5.645 Moz silver equivalent in the Inferred mineral resource category at a cutoff of 125 g/t silver equivalent. . .the company continues to develop San Ignacio and increase the confidence in the resource through the drill bit."

"Bob Archer is CEO of Great Panther Silver Ltd. The company is producing from two mines in Mexico: Guanajuato and Topia. This gives it upside to a rising silver price, as well as lead and zinc. Great Panther has an advanced project, another production story, at San Ignacio and exploration projects at El Horcon and Santa Rosa. You've got pretty much the whole works with Great Panther. . .There is additional ore coming from San Ignacio; the company forecasts about 250 tonnes a day by the end of 2014. This increases through put at Guanajuato with no further capital expenditures. The updated San Ignacio resource estimate was 121 g/t silver and 2.28 g/t gold. Great Panther's leverage to a rising silver price is hard to beat."
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Brien Lundin, Gold Newsletter (Jefferson Financial)
(5/30/14)

"Great Panther Silver Ltd. reported revenue of $12.9M in Q1/14, a 2% improvement over Q1/13. That revenue boost came from a 10% increase in Ag eq oz from a jump in production from 607.5 Koz in Q1/13 to 667.3 Koz in Q1/14. . .the addition of ore from the San Ignacio mine to the mill feed at the firm's flagship Guanajuato mine helped offset lower prices. . .the company expects to produce 3.1–3.2 Moz Ag eq in 2014 with an average all-in sustaining costs of $17.50–19.50/oz. . .Great Panther Silver will offer significant leverage to rising Ag prices."

Brien Lundin, Gold Newsletter (Jefferson Financial)
(5/1/14)

"Between the Guanajuato and Topia mines, Great Panther Silver Ltd. managed to eke out a 10% increase in metals production. . .the good news is, with any significant rebound in precious metal prices, the company is perfectly positioned to provide strong leverage on those gains."

Brien Lundin, Gold Newsletter (Jefferson Financial)
(4/10/14)

"Great Panther Silver Ltd. is looking ahead to the rest of 2014 as management plans to increase production by 10% to the 3.1–3.2 Moz Ag eq range. All-in sustaining costs should be between $17.50–19.50/oz, and a return to higher precious metals prices would have a significant impact on margins. . .marginally profitable producers like Great Panther will offer us the best leverage on rising prices."

Ash Guglani, Salman Partners
(3/11/14)

"During Q4/13, Great Panther Silver Ltd. produced 484,937 oz silver at a total cash cost of $8.85/oz net of byproducts, better than Q3/13 production of 459,924 oz silver at a total cash cost of $9.89/oz net of byproducts. The company's improved operating margins are attributable to cost cutting and grade control initiatives taken throughout the year."

"Great Panther Silver Ltd.'s production increased 19% on a silver equivalent basis year-over-year and guidance for 2014 is for a further 10% increase in total metals output. Great Panther has $24M in cash on the books with no long-term debt. It has a very strong financial position and the market cap is a fraction of where it was a couple of years ago when there was a lot more risk in the story. . .Great Panther's president has done a very good job of underpromising and overachieving."
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Ash Guglani, Salman Partners
(1/15/14)

"Yesterday, Great Panther Silver Ltd. reported its Q4/13 production results at its two Mexican silver mining operations, Guanajuato and Topia. Quarterly production of silver, metal and gold have all increased on a year-over-year basis, with silver production rising 7% to a record 484,936 ounces, higher than our estimate of ~440 Koz silver; the consolidated metal production from the two mines exceeded the internal guidance by 14%."

"Great Panther Silver Ltd. CEO Bob Archer has seen silver cycles before, and I think the management team knows what it's doing. Its Topia plant is not making a whole lot of money at current prices, but even in the challenging environment of FY/13, there should be some cash flow from that site. Great Panther also is cost cutting wherever it can. Even if we were to hit only $24–25/oz silver, Great Panther should start making decent money again."
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Brien Lundin, Gold Newsletter (Jefferson Financial)
(12/19/13)

"Like most junior miners this year, Great Panther Silver Ltd. has been hurt by the tough market for precious metals. Still, even years after adding it to our list, it remains one of the most attractive primary
silver producers in the sector."

"Great Panther Silver Ltd. announced surface drill results from its San Ignacio project in Guanajuato, Mexico. Infill drilling at the property consisted of 1,144m (13 holes) and focused on the upper 80m of the Intermediate Vein in order to define the top of the epithermal system and better guide development in the initial two years. . .the company plans to complete a follow-up drill program in 2014. . .development at the property is ongoing with the access ramp on schedule. . .production at San Ignacio is expected to commence in H1/14 at a rate of 100 tpd and ramp up to ~250 tpd by the end of 2014."

Christos Doulis, Stonecap Securities
(12/4/13)

"Great Panther Silver Ltd. announced the completion of an updated mineral resource estimate at its 100%-owned Guanajuato mine in Mexico. . .contained Inferred ounces increased 56% to 3.9 Moz Ag Eq from 2.50 Moz Ag Eq previously. . .with total Ag Eq ounces increasing from 8.1 Moz Ag Eq to 8.33 Moz Ag Eq, Great Panther has successfully replaced ore
mined since the last resource update in May 2012. . .in 2014, Great Panther will be focusing on upgrading Inferred ounces to the M&I categories and underground drilling with three drill rigs devoted to delineating new resources."

Ash Guglani, Salman Partners
(11/8/13)

"We have increased the average grade at Great Panther Silver Ltd.'s Guanajuato mine through H1/14 to account for the increasing contribution by the gold-rich Santa Margarita vein; in addition we have slightly lifted average silver grades at Guanajuato through H1/14 as they continue to produce in areas with less mining dilution. As the company's cost-cutting initiatives are implemented, we have slightly reduced the general and administrative expenses through 2014 as cost-cutting measures continue with a focus on reducing site costs and improving overall grade control."

Christos Doulis, Stonecap Securities
(11/8/13)

"Great Panther Silver Ltd. reported its Q3/13 financial results for its Guanajuato and Topia mines in Mexico. . .at Guanajuato, costs dropped significantly from $17.26/oz in Q2/13 to $3.92/oz and at Topia cash costs were $17.95/oz versus $19.67/oz in Q2/13. . .total production in the first nine months of 2.1 Moz Ag eq puts Great Panther on pace to exceed its 2013 guidance of 2.4–2.5Moz Ag eq. . .we have increased our 2013 gold production forecast from 11.8 Koz Au to 13.7 Koz Au. . .Great Panther has delivered record quarterly results putting it on pace to exceed its 2013 guidance."

"Great Panther Silver Ltd. has a good combination of production and developing projects. . .Guanajuato is another project I've had the opportunity to visit. I was quite impressed with the management and with the geologists, both for current production and for exploration of expanding reserves. At least Great Panther is getting money in. It is financing its own exploration. The potential to increase production, I believe, is very real. Guanajuato is one of the most fascinating cities in all of Mexico. It sits at 6,600 feet above sea level. There are ancient roads that run under the downtown area. Great Panther's mine [is] right in the metropolitan area of Guanajuato. Great Panther gets enormous kudos from the community for the economic wealth it is bringing to the region."
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Brien Lundin, Gold Newsletter (Jefferson Financial)
(10/24/13)

"A strategy that's paid handsomely for us has been investment in a select group of primary silver producers, which would include Great Panther Silver Ltd. . .when high silver prices draw large groups of investors into the silver space, the law of supply and demand kicks in for those few primary silver companies available. Great Panther Resources has followed this strategy to great effect for investors in recent years. . .the company processed 76,898 tonnes in Q3/13, the highest quarterly amount it has ever processed. Silver production rose 24% to 459,924 oz and gold production rose 56% to 4,695 oz. Both totals were quarterly records. . .I see no reason why Great Panther can't deliver solid share price appreciation."

Heiko Ihle, Euro Pacific Canada
(10/11/13)

"Great Panther Silver Ltd. produced a record 789,250 oz Ag eq during Q3/13. . .at Guanajuato, continued improvements of silver and gold grades lead to increased overall production. . .and development at San Ignacio is progressing quickly. . . we maintain our above-guidance estimate of 2.66 Moz Ag eq. . .and we continue to believe the firm should be able to cut costs at both mines while increasing long-term production through San Ignacio."

Christos Doulis, Stonecap Securities
(10/11/13)

"Great Panther Silver Ltd. has delivered record quarterly production, putting the company on pace to exceed its 2013 guidance. While we continue to believe that Great Panther's ability to generate free cash flow in the current silver price environment is limited, the record production should lead to substantially improved financial results. We are increasing our rating to Sector Perform, from Underperform and we are increasing our price target."

Deborah Bacal, Proactive Investors(10/8/13)

"Great Panther Silver Ltd. has moved one step closer to advancing its San Ignacio project in Mexico to production after getting its environmental impact permit, the final permit required for the property. . .shares of the silver producer jumped more than 4% on the news. . .the company has been undergoing a wide-ranging program focused intently on grade control at its two operating mines in Mexico and cost cuts, with nonessential budget items cut, and some capital expenses cut and deferred. . .Great Panther expects its cost-cutting measures and its strong Q2/13 production to be reflected in its Q3/13 results."

"I've been following Great Panther Silver Ltd. for many years. I've watched it grow to be a significant producer. I like it for its exposure to rising silver and gold prices as a producer."
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"Great Panther Silver Ltd. is a well-managed company with a number of projects under development. It is cutting costs and optimizing operations."
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Brien Lundin, Gold Newsletter (Jefferson Financial)
(9/1/13)

"Great Panther Silver Ltd. has been a favorite company of mine. . .few companies have done a better job putting together a silver development story that continues to have upside potential, year after year. . .Great Panther is well positioned on both the production front and the resource front. . .the company boasts over 40 Moz of silver eq resources, so it can continue to generate cash flow for some years to come. . .with working capital of around $40M and steady cash flow from its two operating mines, Great Panther looks well positioned to continue offering silver bugs tremendous leverage to the metal's gains."

"Great Panther Silver Ltd. [is a] Buy. The company is a higher cost producer, but it showed some promise this past quarter."
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Thom Calandra, The Calandra Report(8/25/13)

"Great Panther Silver Ltd. has a lot of leverage, a lot of bang for the buck. . .it is one of the cheapest primary silver producers in global rankings."

Itinerant, Seeking Alpha(8/22/13)

"Great Panther Silver Ltd. has emphasized on several occasions the goal to concentrate on high-grade ore at Topia to cut costs. These efforts seem to bear fruit with more, and higher quality, ounces being mined. . . if silver prices pick up, then this company should appreciate much faster than others due to its high leverage. . .Great Panther Silver rallied from $0.65 to $1.20 on rising silver prices, almost doubling value for investors lucky enough to pick the bottom. . . for more risk tolerant-types, going long on the company is a sensible strategy for the foreseeable future."

Heiko Ihle, Euro Pacific Canada
(8/8/13)

"Great Panther Silver Ltd. announced Q2/13 results. . .while production remained strong, high cash costs, especially at the Topia mine, continue to crimp profitability. . .we maintain our Buy recommendation on the company and our $1 price target. Although the near-term challenges, primarily related to Topia, remain, we believe that Great Panther's strong balance sheet, coupled with strength at Guanajuato, should aid the firm in challenging metal price environments. . .we note that at the current enterprise value and based on our NAV analysis of the company, investors are essentially getting Topia for free."

"Great Panther Silver Ltd. has invested a lot in infrastructure. The company also has made significant discoveries. It improved the efficiency of its operations and can recover high percentages of the byproducts for every kind of ore that the company processes. Great Panther can use its strong cash position to continue investing in its operations and stay strong however long this correction continues. . .Bob Archer, who helped build the company over the last 10 years, will succeed Great Panther's [retiring] president, Martin Carsky, so the analysts and the institutions know that the same committed person will be running the company in the short term."
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Christos Doulis, Stonecap Securities
(7/12/13)

"Great Panther Silver Ltd.'s Q2/13 silver production was 397 Koz and had record gold production of 4 Koz, up from 370 Koz Ag and 3 Koz Au in Q1/13 and ahead of our estimates. . .Ag eq production increased 12% over Q1/12 to a record 680 Koz. . .total production in H1/13 of 1.3 Moz Ag eq puts the company well on its way to meeting 2013 guidance."

Heiko Ihle, Euro Pacific Canada
(7/11/13)

"Overall, in Q2/13 Great Panther Silver Ltd. produced a total of 680,212 oz silver equivalents, compared with 607,501 oz in Q1/13. . .at Guanajuato, the company increased silver production by 6% to 236,454 ounces, while increasing gold production by 31% to 3,841 ounces. . .we maintain our Buy recommendation."

Ash Guglani, Salman Partners
(5/31/13)

Great Panther Silver Ltd. Announced its current president Martin Caskey is resigning for personal reasons and its CEO Robert Archer will also assume that role. . . Cost reduction and grade control efforts will continue at the company's two operating mines in Mexico, Guanajuato and Topia. . .progress is being seen and management continues to review all areas in order to reduce costs further."

Ash Guglani, Salman Partners
(5/9/13)

"Great Panther Silver Ltd.'s Q1/13 production totaled 369,624 oz silver and 3,144 oz gold, down substantially from 453,934 oz silver, but up from 2,826 oz gold in Q4/12. . .during the quarter, the company sold 339,874 oz silver and 2,144 oz gold. . .the company's principal objectives remain to improve grade control and lower costs, while maintaining production goals."

Brien Lundin, Gold Newsletter (Jefferson Financial)
(5/1/13)

"Great Panther Silver Ltd. released Q1/13 operational results. . .those results included increases in metal production that were solid, if not spectacular. Overall silver-equivalent metal production grew 9% to 607,501 oz. . .the company also saw improved base metal production in the first quarter. . .Great Panther looks well positioned for when the precious metals markets find their sea legs."

"Great Panther Silver Ltd. owns two silver mines in Guanajuato, Mexico, and has been increasing production. . .the company put in underground haulage to get Guanajuato ore to the Cata processing plant. When all that is consolidated, I expect this company to start rewarding investors with vastly increased production. . .San Ignacio has a 650m strike length out of a 4km potential on a vein system just 5km west of the Veta Madre structure that hosts the Guanajuato mine complex. Stepout drilling shows excellent silver and gold mineralization, 50–100m below surface. A shaft will not be needed; a ramp will do it. San Ignacio will be in production next year and can be monetized immediately to pay for its development. The ore can easily be trucked to the Guanajuato plant, and the two have similar metallurgy. In addition, the company discovered higher-grade gold mineralization at Guanajuato last year. That will increase silver equivalent ounces with the serious gold kicker.

"El Horcon is another Great Panther project. It is a silver-gold project in a past-producing underground mine with multiple veins. One vein, Diamantillo, is traceable on surface for more than 4km. The mineralization is compatible with the existing mill feed for Guanajuato. Both San Ignacio and El Horcon show awesome potential for satellite feed deposits. We should see lower production costs and more throughput."
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Brien Lundin, Gold Newsletter (Jefferson Financial)
(4/1/13)

"Great Panther Silver Ltd. also released its full-year numbers. . .silver-equivalent material produced increased from 2.2 Moz in 2011 to 2.38 Moz in 2012, an 8% improvement. . .the company's ability to grow revenues and maintain some level of profitability is impressive. . .its treasury is enviably robust compared to the bare coffers of many of its peers. . .Great Panther remains one of the few primary silver producers out there, making it a 'go-to' investment when the silver market resumes its northward trend."

Deborah Bacal, Proactive Investors(3/15/13)

"Great Panther Silver Ltd. ended the year with record full year sales as production grew. . .the company produced a record 672.69 Koz Ag eq in the latest quarter, up 23% from the year-ago period on the back of a 28% increase in pure silver output. . .it produced a record 2.38 Moz Ag eq in 2012, an increase of 8% from 2011. . .the company's focus in 2013 will be starting the development of its San Ignacio project in Mexico, in preparation for expected production next year."

Christos Doulis, Stonecap Securities
(3/15/13)

"Great Panther Silver Ltd. hosted a conference call following the release of its 2012 financial results. . .the company provided 2013 cost guidance of $10–$11/oz Ag and reiterated its production guidance of 2.4–2.5 Moz Ag eq. . .for investors seeking exposure to silver, we continue to recommend Great Panther's shares as ~70% of the company's revenue is silver based. We are maintaining our Sector Perform rating."

Henk Krasenberg, European Gold Centre
(3/11/13)

"Great Panther Silver Ltd.'s strong Q4/12 finished a year with several quarterly and annual production records at both Guanajuato and Topia. Management has set its target to grow into the midtier level of primary silver producers by attaining a >5 Moz/year Ag eq production from a >40 Moz resource through organic growth of existing projects and some strategic acquisitions; I am confident that Robert Archer and his team will be taking another good step forward in 2013."

"Great Panther Silver Ltd. is a company that I have followed for some time. . .Its goal now is to continue to increase production and increase value through advancing other areas of exploration. . .its mining operations have not been without some problems, but it appears to have the reserves. It has production capacity. It's a worthwhile company for people to take a look at. . .it has both the reserves and production capacity and that combination could make it very attractive to any company, but especially to a major. The majors are looking to replace the reserves they are going through. Companies like Great Panther could be on the shopping list."
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